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How Diversified Is YOUR Work “Portfolio”?

The economy is teetering. Huge financial institutions are crashing and burning. The government, afraid of the ripple effects of their demise, is debating a huge bailout. Unemployment is at its highest level in years. A lot of people struggling out there. And, through all this, happily, I’m busier than ever and enormously grateful I’m a freelancer. My feeling of “job security” is mighty high right about now. Why? Because I have income coming from many, many directions.

Good financial planners live by the mantra of “diversification.” Spread out your money across a broad array of investment vehicles, and you spread out your risk. Same with your work life. Put all your eggs in one work basket (i.e., a full-time job), and if tough times hit, you could lose all the eggs. Hence, the innate logic of the freelance model with its “multiple-clients” feature (and, yes, I know, freelancing is neither feasible nor a psychological fit for everyone, but I’m just sayin’…)

Those with income from a variety of avenues will simply weather economic storms better than most. Right now, I’ve got about 10 commercial writing clients I’m working with. Some big. Some small. But between all of them, they’ve kept me hopping. Love the variety. And I love even more the fact that each client doesn’t have to provide me a bunch of work for me to eat well. Add to that income from my book-related ventures – much of it of the blessed passive variety – and offshoot businesses: coaching, speaking, seminars, articles, etc., and life is good.

Yes, this has been a 15-year process – though the book side of things only the last eight – but it all starts somewhere. And I’m here to tell you: Life can be pretty cool, varied, interesting and lucrative when you’ve got lots of pots boiling on your professional stove.

Not surprisingly, it usually starts with having some specialized expertise or knowledge that’s valuable enough to enough other people to make it worth “monetizing” into books, ebooks, coaching, speaking, seminars, etc. Or simply a skill/talent that can command a healthy price on the market.

If you have multiple stream of writing-related income, what are they and how did they come about?

And if so, any suggestions/cautions/gushing reports to those considering it?

If you aren’t diversified as yet, but are pondering it, what possibilities have you considered?